The trade deficit in the U.S. widened more than forecast in December as exports ended a record year on a soft note.The trade gap expanded 12 percent to $38.7 billion, figures from the Commerce Department showed today in Washington, compared to estimate of economists that called for a $36 billion gap. Exports showed a broad-based decline after surging in November to the highest ever, while imports edged up on rising consumer demand.
The trade gap with China, the world’s second-biggest economy, narrowed to $24.5 billion in December from $26.9 billion the prior month, today’s report showed. For all of 2013, it widened to a record $318.4 billion as both imports and exports were the strongest ever.
A pickup at U.S. factories helped to support the expansion through the end of 2013, though manufacturing activity has slowed at the start of 2014. The Institute for Supply Management’s factory index plunged to 51.3 in January from the prior month’s 56.5, the Tempe, Arizona-based group said.
The trade gap with China, the world’s second-biggest economy, narrowed to $24.5 billion in December from $26.9 billion the prior month, today’s report showed. For all of 2013, it widened to a record $318.4 billion as both imports and exports were the strongest ever.
A pickup at U.S. factories helped to support the expansion through the end of 2013, though manufacturing activity has slowed at the start of 2014. The Institute for Supply Management’s factory index plunged to 51.3 in January from the prior month’s 56.5, the Tempe, Arizona-based group said.